论证券储架发行制与授权资本制的契合——兼谈我国法定资本制的修正

On the Correspondence between the Securities Self Issue System and Authorized Capital System——Also on the Revision of China's Legal Capital System

分属不同法律部门且制度设计初衷相异的证券储架发行制与授权资本制竟存在诸种契合。"效率"是其共通的制度设计理念、"分次发行"是其共有的制度设计构造,并且在操作规程上两项制度存在着衔接与重合。然而,法定资本制却与证券储架发行制存在诸多冲突。为此,欲引入证券储架发行制必当对法定资本制进行修正,正式确立授权资本制或折衷授权资本制的公司法地位。

Though the securities shelf issue system and authorized capital system belong to different legal departments with different original intention of institutional design,they are corresponding with each other to some extent.'Efficiency' and 'Fractional Issue' are shared as the com-mon idea and structure of institutional design.And they also converge and overlap in operational rules.However,legal capital system is not attuned to the securities shelf issue system.So in order to introduce the securities shelf issue system,we should revise the legal capital system,and formally establish the legal status of authorized capital system or the compromised authorized capital system.